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Posted: May 06, 2011

Finland and Russia Invest in Nanotechnology Companies

(Nanowerk News) Suomen Teollisuussijoitus Oy (Finnish Industry Investment Ltd) and Rusnano, the Russian state nanotechnology funding organization, last year signed a three-year agreement to invest 50 mln euros in Finnish and Russian nanotechnology companies. Furthermore the Ministry of Foreign Affairs announced in March the Nanotechnology Innovation Alliance project which promotes the development and commercialization of products based on nanotechnology. The Finnish company Spinverse Oy has been picked to co-ordinate both projects.
Currently a survey is being carried out of the most interesting target companies from the point of view of the investment programme. The requirement is that the companies should be focused on international growth. An example of one such company is Optogan, set up in Espoo. The company has received 80 mln euros in investment to build its LED lighting plant in St. Petersburg.
"This investment brings Finnish companies great opportunities not just to develop their own nano competence but also to find interesting business prospects in neighbouring markets and, in partnership with Russian companies, also further afield," notes Spinverse Oy's CEO Pekka Koponen.
Making this current activity productive is the recently started modernization programme in Russia, the purpose of which is to actively support technological co-operation with different countries. According to Mr Koponen, Finland is in a favourable position, at least for the time being.
Within Finnish Industry Investment it is believed that nanotechnology has a decisive importance for the competitiveness of Finnish industry. According to CEO Juha Marjosalo, co-operation with Rusnano gives Finnish nanotechnology companies better opportunities to penetrate Russian markets than earlier.
The Finnish-Russian Nanotechnology Innovation Alliance project is part of the bilateral near-market co-operation programme of the Ministry of Foreign Affairs. The aim of the programme is to bring together innovative growth companies, universities, large corporations operating on global markets and funding partners and in this way, for example, to give birth to new companies and to create new jobs.
"I believe that as a result of strategic co-operation we can co-ordinate the promotion of nano innovations more systematically than at present. The programme will survey suitable business links, provide market information, technology transfer services and create contacts with investors," explains Mr Koponen.
Source: SKRIN Market & Corporate News
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